CMC's ETH giveaway requires some Ethereum Merge knowledge — so brush up!
Merge Mania 🤪
To commemorate the long-awaited ETH-Merge event coming VERY soon (less than a month to go!), CoinMarketCap has decided to do something a little special for the community…
We’ll tell you exactly how you can win soon, but first — what even is this ETH Merge event anyway? 🤔
THE MERGE 🧑💻
Pay attention here, you might increase your chances of winning that glorious 1 ETH grand prize…
The ETH Merge has been a long-awaited event for a while now, it’s basically the most significant upgrade in ETH’s history so far. This will mark the end of proof-of-work for Ethereum, and the full transition to proof-of-stake. It sets the stage for future scaling upgrades like sharding, and will reduce Ethereum's energy consumption by an astonishing 99.95%.
The merge represents the joining of the existing execution layer mainnet with its new proof-of-stake consensus layer, known as the Beacon Chain. This eliminates the need for energy-intensive mining and instead secures the network using staked ETH.
It’s a very exciting step in realizing the full vision that Ethereum promises to be — adding more scalability, security and sustainability.
Oh and before you panic, don’t. You don’t need to do anything to protect your funds — they’re safe! No action is required to upgrade on your part, leave this job to the Chains.
What we will say though, is that the space will undoubtedly be rife with scams as we approach the merge. So, make sure you don’t send your ETH anywhere in an attempt to "upgrade to ETH2." There is no "ETH2" token, and there is nothing more you need to do for your funds to stay safe.
Now… about that 1 ETH…
THE QUIZ ✅
Yep — we’ve got a fun quiz the crypto community can take part in!
At CoinMarketCap, we take great pride in making sure our community is as educated as possible, so in light of that, we’ve decided to give you guys a little bit of incentive to DYOR about the long-awaited upcoming ETH merge!
We’ll be giving out a variety of prizes to people who take our quiz, which is made up of 16 short questions. If you fill it out successfully, congrats, you’ve entered the competition!
Here are the full steps:
Step 1 - Post your thoughts on the ETH merge on CMC-Community with the #CMCETHMerge hashtag.
Step 2 - Post your thoughts on Twitter with the #CMCETHMerge hashtag (must include backlinks to the CMC-ETH-Merge Landing Page).
Step 3 - Complete all 16 questions of the quiz — then cross your fingers! 🤞(Don’t worry, there are hints for each question!)
P.S. Be sure to post with the right hashtags, only people who have posted will be considered to win, and you’ll be prompted to share the social links as you complete the quiz.
Now, for the exciting part…the prizes! 🎁
Event Period: Submissions accepted, until Sept. 18th (SUN)
That’s right, the grand prize is a massive 1 ETH — meaning you can win enough ETH for a holiday just for making a couple of posts and completing a quiz! Sounds pretty worth it to me 👀
Be sure to use the right hashtags in your posts, then, you can find the quiz here 👈!
Good luck!
THE QUIZ ANSWERS & EXPLANATIONS
1) The Ethereum Merge will reduce gas fees on the network by approximately how much? (HINT)
A. 0% (correct)
B. 10%
C. 30%
D. 50%
2) Following the Ethereum Merge, how long will it take for a new block to be generated? (HINT)
A. Every 12 seconds (correct)
B. Every 30 seconds
C. Every 15 seconds
D. Every 8 seconds
3) The Ethereum Merge will reduce transaction times on the network by approximately how much? (HINT)
A. ~10% (correct)
B. ~28%
C. ~45%
D. ~69%
4) Which of the following are possible actions that ETH miners might undertake following the Merge? (Choose one or more). (HINT)
A. Transition to other GPU-mined proof-of-work coins like Ethereum Classic (ETC) and Ravencoin (correct)
B. Dedicate their hardware to other GPU-intensive activities, such as machine learning or rendering farms (correct)
C. Potentially fork proof-of-work Ethereum, which will allow miners to continue their operations. (correct)
D. Shift their operations to Bitcoin mining (incorrect, Bitcoin mining relies on ASICs, not GPU)
5) What is the current proof-of-stake Beacon Chain staking reward APR? (HINT)
A. ~4.1% (correct, source here)
B. ~3.8%
C. ~5.3%
D. ~6.5%
6) When can staked ETH be withdrawn after the Merge? (HINT)
A. After the Shanghai upgrade (correct)
B. Right away!
C. You can withdraw it now, before the Merge
D. After sharding is rolled out
7) How much ETH do you need to run your own validator? (HINT)
A. 32 ETH (correct)
B. 28 ETH
C. 14 ETH
D. 12 ETH
8) If you do not own 32 ETH, what options do you have to participate in validating the network? (Choose one or more). (HINT)
A. Pooled staking (including liquid staking solutions) (correct)
B. Staking on centralized exchanges (correct)
C. Run a node that does not propose blocks, still supporting the network by listening for new blocks to verify them (correct)
D. Staking-as-a-service platforms (incorrect, still requires 32 ETH)
9) In what order was the Ethereum Merge rolled out on Ethereum public testnets? (HINT)
A. Ropsten; Sepolia; Goerli
B. Sepolia; Ropsten; Goerli
C. Goerli; Sepolia; Ropsten
D. Ropsten; Goerli; Sepolia
10) Following the Merge, what is the order of upgrades that Vitalik Buterin announced for the network? (HINT)
A. Surge, Verge, Purge, Splurge (correct)
B. Verge, Surge, Splurge, Purge
C. Purge, Verge, Surge, Splurge
D. Splurge, Verge, Purge, Surge
A. 0% (correct)
B. 10%
C. 30%
D. 50%
2) Following the Ethereum Merge, how long will it take for a new block to be generated? (HINT)
A. Every 12 seconds (correct)
B. Every 30 seconds
C. Every 15 seconds
D. Every 8 seconds
3) The Ethereum Merge will reduce transaction times on the network by approximately how much? (HINT)
A. ~10% (correct)
B. ~28%
C. ~45%
D. ~69%
4) Which of the following are possible actions that ETH miners might undertake following the Merge? (Choose one or more). (HINT)
A. Transition to other GPU-mined proof-of-work coins like Ethereum Classic (ETC) and Ravencoin (correct)
B. Dedicate their hardware to other GPU-intensive activities, such as machine learning or rendering farms (correct)
C. Potentially fork proof-of-work Ethereum, which will allow miners to continue their operations. (correct)
D. Shift their operations to Bitcoin mining (incorrect, Bitcoin mining relies on ASICs, not GPU)
5) What is the current proof-of-stake Beacon Chain staking reward APR? (HINT)
A. ~4.1% (correct, source here)
B. ~3.8%
C. ~5.3%
D. ~6.5%
6) When can staked ETH be withdrawn after the Merge? (HINT)
A. After the Shanghai upgrade (correct)
B. Right away!
C. You can withdraw it now, before the Merge
D. After sharding is rolled out
7) How much ETH do you need to run your own validator? (HINT)
A. 32 ETH (correct)
B. 28 ETH
C. 14 ETH
D. 12 ETH
8) If you do not own 32 ETH, what options do you have to participate in validating the network? (Choose one or more). (HINT)
A. Pooled staking (including liquid staking solutions) (correct)
B. Staking on centralized exchanges (correct)
C. Run a node that does not propose blocks, still supporting the network by listening for new blocks to verify them (correct)
D. Staking-as-a-service platforms (incorrect, still requires 32 ETH)
9) In what order was the Ethereum Merge rolled out on Ethereum public testnets? (HINT)
A. Ropsten; Sepolia; Goerli
B. Sepolia; Ropsten; Goerli
C. Goerli; Sepolia; Ropsten
D. Ropsten; Goerli; Sepolia
10) Following the Merge, what is the order of upgrades that Vitalik Buterin announced for the network? (HINT)
A. Surge, Verge, Purge, Splurge (correct)
B. Verge, Surge, Splurge, Purge
C. Purge, Verge, Surge, Splurge
D. Splurge, Verge, Purge, Surge
THE QUIZ WINNERS!
*CMC Will Send An Email To 1st ~ 3rd Place Winners Individually.
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